DUBLIN–(BUSINESS WIRE)–The “Europe Plant-based Food Market by Type, Source, Distribution Channel- Forecast to 2029” report has been added to ResearchAndMarkets.com’s offering.
The European Plant-based Food Market is expected to reach $16.70 billion by 2029, growing at a CAGR of 10.1% during the forecast period of 2022 to 2029.
This market is driven by growing vegetarianism, declining meat consumption, increasing preference for plant food, and increasing venture capital investment in animal alternatives. However, the comparatively higher price range for plant-based food products and significant preference for animal-based products are expected to hinder the growth of this market to some extent.
The European plant-based food market is mainly segmented by type [dairy alternatives (milk, cheese, yogurt, butter, ice cream, creamer, and others), meat substitutes (tofu, TVP, burger patties, tempeh, hot dogs and sausages, seitan, meatballs, ground meat, nuggets, crumbles, shreds, and others), meals, baked goods, confectionery, RTD beverages, egg substitutes, seafood substitutes, and others)], source (soy, almond, wheat, pea, rice, and others), distribution channel [B2B and B2C (modern groceries, convenience store, specialty store, online retail, and others)], and country (Germany, U.K., Spain, Italy, France, Netherlands, Belgium, Austria, Poland, Portugal, and RoE).
Based on type, the dairy alternatives segment is expected to hold the largest share of the plant-based food market in Europe in 2022. The large share of this segment is mainly attributed to increased demand for dairy alternatives from the lactose intolerant population. Due to the issues like lactose intolerance and milk allergy arising from the consumption of cow’s milk, there has been an increased demand for plant-based alternative milk in Europe. However, the seafood substitute segment is expected to grow at the highest CAGR during the forecast period.
Based on source, the soy segment is expected to account for the largest share of the plant-based food market in Europe in 2022. The dominant position of this segment is mainly attributed to the rising demand for soy ingredients due to their easy availability, high quality, cost-effectiveness, wider application areas, and higher consumer acceptance for soy-based food products. However, the pea segment is expected to grow at the highest CAGR during the forecast period.
Based on distribution channel, the B2C segment is estimated to account for the largest share of the plant-based food market in Europe in 2022. The large share of this market is mainly attributed to increased shelf space for plant-based products in modern groceries, increased retail sales of plant-based food in supermarkets & hypermarkets, growing preference for shopping from brick-and-mortar grocers due to easy access & availability, and increasing consumer acceptance for vegan & vegetarian food products. This segment is also expected to grow at the highest CAGR during the forecast period.
By country, Germany is expected to account for the major share of the plant-based food market in Europe in 2022. This growth can be attributed to the growing vegetarian population, increased consumer awareness, increasing concern about animal welfare, and growth in vegan and vegetarian restaurants. Veganism in Germany is becoming a popular trend. Vegans have doubled from 1.3 million in 2016 to 2.6 million in 2020. Almost 75% of German households would like to see a larger variety of vegetarian products in supermarkets. Less than two-thirds buy such products intentionally.
Market Dynamics
Drivers
- Increasing Incidence of Animal Protein Intolerance
- Rising Popularity of Vegan and Vegetarian Diets
- Increasing Venture Investments in Companies Offering Plant-based Foods
- Innovation in Food Technologies
Restraints
- Higher Prices of Plant-based Foods
- Significant Preference for Animal-based Products
Opportunities
- Product Launches by Plant-based Foods & Protein Alternatives Manufacturers
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Insights
5. Impact of COVID-19 on the Europe Plant-based Food Market
6. Europe Plant-based Food Market, by Type
7. Europe Plant-based Food Market, by Source
8. Europe Plant-based Food Market, by Distribution Channel
9. Europe Plant-based Food Market, by Geography
10. Competitive Landscape
11. Company Profiles (Business Overview, Financial Overview, Product Portfolio, Strategic Developments)
12. Appendix
Companies Mentioned
- Beyond Meat Inc. (U.S.)
- Danone S.A. (France)
- Amy’s Kitchen Inc. (U.S.)
- The Hain Celestial Group Inc. (U.S.)
- Daiya Foods Inc. (Canada)
- Marlow Foods Ltd. (U.K.)
- Taifun -Tofu GmbH (Germany)
- Vbite Food Ltd (U.K.)
- Plamil Foods Ltd (U.K.)
- Plant & Bean Ltd (U.K.)
- Unilever PLC (U.K.)
- Berief Food GmbH (Germany)
- Nestle S.A. (Switzerland)
- The Meatless Farm (U.K.)
- Veganz Group AG (Germany).
For more information about this report visit https://www.researchandmarkets.com/r/u7mq6b
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